Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook for its stock performance in the near term [3][8]. Core Insights - The company achieved a record high in performance for 2023, with revenue reaching 21.799 billion yuan, a year-on-year increase of 20.88%, and a net profit of 3.106 billion yuan, up 21.51% year-on-year [4][5]. - The growth in revenue is attributed to the company's strong performance in the emerging equipment sector and steady progress in the rail transit field, with new equipment product revenue growing significantly [5][7]. - The gross margin for 2023 was 33.86%, an increase of 1.17 percentage points year-on-year, while the net margin was 14.45%, up 0.08 percentage points year-on-year [5][7]. Financial Summary - For 2023, the company reported operating income of 21.799 billion yuan, with projections for 2024, 2025, and 2026 to be 26.810 billion yuan, 32.727 billion yuan, and 38.940 billion yuan respectively, reflecting a compound annual growth rate of approximately 20.9% [3][9]. - The net profit for 2023 was 3.106 billion yuan, with expected figures of 3.451 billion yuan for 2024, 4.069 billion yuan for 2025, and 4.541 billion yuan for 2026, indicating a steady growth trajectory [3][9]. - The company's earnings per share (EPS) for 2023 was 2.19 yuan, with forecasts of 2.44 yuan, 2.87 yuan, and 3.21 yuan for the following three years [3][9]. Business Performance - The emerging equipment business saw a revenue increase of 69.64% year-on-year, contributing significantly to overall growth, while traditional rail transit equipment revenue grew by 2% [5][7]. - The company has established a leading position in the power semiconductor market, with significant market shares in various sectors, including new energy vehicles and photovoltaic equipment [7][8]. - The company plans to distribute a cash dividend of 7.8 yuan per 10 shares to all shareholders, reflecting its strong financial performance [4].

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, an increase of 20.88% compared to RMB 18.03 billion in 2022[18]. - Net profit attributable to shareholders for 2023 was RMB 3.11 billion, reflecting a growth of 21.51% from RMB 2.56 billion in 2022[18]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[22]. - The total assets at the end of 2023 amounted to RMB 53.40 billion, a 10.09% increase from RMB 48.51 billion at the end of 2022[19]. - The net assets attributable to shareholders increased to RMB 36.87 billion, representing a growth of 6.76% from RMB 34.53 billion in 2022[19]. - Basic earnings per share for 2023 were RMB 2.19, a rise of 21.67% compared to RMB 1.80 in 2022[21]. - The company's operating revenue reached a historic milestone of 20 billion yuan in 2023, achieving a new high in profitability[9]. - The company's total non-recurring gains and losses for 2023 amounted to RMB 510.35 million, compared to RMB 557.70 million in 2022[25]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1,101,001,287.36, which represents 35.45% of the net profit attributable to shareholders for the year 2023[3]. - As of December 31, 2023, the total share capital is 1,416,236,912 shares, after deducting 4,696,800 repurchased H shares, the base for dividend distribution is 1,411,540,112 shares[3]. Corporate Governance - The audit report issued by KPMG indicates a standard unqualified opinion[3]. - The board of directors has confirmed the accuracy and completeness of the annual report, with no significant omissions or misleading statements[3]. - The company has confirmed that all directors attended the board meeting[4]. - The company has established service contracts with all directors and supervisors, with a term of three years for each board cycle[172]. - There are no significant transactions or contracts involving directors or supervisors that would create a direct or indirect interest in the company as of December 31, 2023[176]. - The company has not provided any loans or similar financial assistance to its directors, supervisors, or senior management[177]. - The company has implemented governance measures to protect non-controlling interests, including independent reviews of transactions with suppliers and customers[184]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133, representing a 16.18% increase compared to the previous year[67]. - The R&D expenditure as a percentage of operating revenue was 9.84%, down from 10.24% in 2022[21]. - The company has developed a comprehensive independent intellectual property system in various high-tech fields, including electric systems and control technology[38]. - The R&D team consists of 3,180 engineering personnel, accounting for 38.03% of the total workforce, with over 43% holding a master's degree or higher[98]. - A total of 229 new invention patents were granted, bringing the total number of effective patents to 3,558, with over 50% being invention patents[64]. Market Position and Strategy - The company maintained a leading market share in rail transit traction systems, with continuous improvement in industry rankings for power supply and signaling systems[9]. - The company is committed to deepening market-oriented reforms and optimizing organizational structure to enhance long-term industrial development[10]. - The company aims to leverage its industry advantages to consolidate its market position and create greater value for shareholders[31]. - The company is positioned in the rapidly growing new energy market, which is projected to be worth hundreds of billions, driven by the national "dual carbon" strategy[156]. - The company is actively expanding into industries outside rail transit, including power semiconductors and new energy vehicle drive systems[38]. Risks and Challenges - The company is subject to risks related to forward-looking statements regarding future plans and development strategies[4]. - The company faces risks related to core competitiveness, including uncertainties in technology development and potential delays in R&D progress[102]. - Financial risks are heightened due to international operations, with currency fluctuations impacting foreign currency assets and liabilities[105]. - The company is exposed to industry risks from changing government policies and increasing competition in the new energy vehicle parts market[106]. - Macro-environmental risks arise from rising international trade protectionism, affecting overseas operations and material procurement[108]. Investment and Expansion - The company plans to raise approximately 4.659 billion yuan through a capital increase and share expansion, with a proposed equity dilution of 19.1236% post-expansion[151]. - The strategic investors are expected to contribute 18.6871% of the new shares, while the employee stock ownership platform will account for 0.4366%[151]. - The company has approved an investment of 1,107.99 million RMB for the manufacturing base project of new energy vehicle electric drive systems and key components[141]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability and operational efficiency through real-time monitoring and analysis[10]. - The company emphasizes the importance of project quality, safety, and cost control in its operations[110]. - The company has established a dynamic and flexible production planning system based on sales orders and historical sales data[36]. Industry Trends - The railway market is entering a recovery phase, with a projected national railway network size of around 200,000 kilometers by 2035, including 70,000 kilometers of high-speed rail[154]. - The urban rail transit construction trend is slowing down, with local government debt rates high and investment in urban rail construction decreasing annually[155]. - The company anticipates growth in the maintenance and repair market due to the increasing stock of rail transit equipment entering the maintenance phase[154].

株洲中车时代电气股份有限公司 自 2023 年 1 月 1 日至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 出马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86(10) 8508 5000 传真 +86(10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2403828 号 株洲中车时代电气股份有限公司全体股东: 一、审计意见 我们审计了后附的株洲中车时代电气股份有限公司（以下简称"中车时代电气"）财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以 ...

林兆丰 各位股东及股东代表： 作为株洲中车时代电气股份有限公司（以下简称"公司"）的独 立董事，2023 年度本人严格按照《中华人民共和国公司法》（下称"《公 司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上市公司 治理准则》等法律法规及上交所、联交所的各项规定及《株洲中车时 代电气股份有限公司章程》（以下简称"《公司章程》"）、《株洲中车时 代电气股份有限公司独立非执行董事工作制度》的规定，在工作中勤 勉、尽责地履行董事职责和义务，注重与董事会其他董事、监事会、 经理层成员的密切、有效沟通，及时、全面、深入地了解公司运营情 况和董事会决议执行情况，亲自出席董事会及各专门委员会会议，认 真审议各项议案，独立、客观、公正地发表意见，充分发挥独立董事 的作用，促进董事会及各专门委员会的规范运作和公司治理水平的不 断提高，有效维护公司全体股东尤其是中小股东的合法权益。 株洲中车时代电气股份有限公司 2023 年度独立董事述职报告 本人于2023 年6 月27日公司召开的 2022 年年度股东大会、2023 年第一次 A 股类别股东大会及 2023 年第一次 H 股类别股东大会，选 举成为公司第七届董 ...

中国国际金融股份有限公司 关于株洲中车时代电气股份有限公司 开展外汇衍生品交易的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 株洲中车时代电气股份有限公司（以下简称"时代电气"或"公司"）首次公开 发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指 引第 5 号——交易与关联交易》以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，对公司开展外汇衍 生品交易事项进行了审慎核查，核查情况如下： 一、开展外汇衍生品交易的目的 公司及子公司随着业务持续发展，海外采购规模及外汇需求量日益增加，为 防范汇率波动带来的系统性风险，降低汇率波动给经营带来的不确定性，锁定经 营利润，公司及子公司拟开展外汇衍生品业务。 二、开展外汇衍生品交易的情况概述 1、交易金额 2、资金来源 公司及子公司拟开展的外汇衍生品交易的资金来源主要为自有资金，不涉及 使用募集资金或银行信贷资金。 3、交易方式 1 公司及子公司将按照衍生品套保原则和汇率风险中性管理原则，根据合同 ...

株洲中车时代电气股份有限公司 株洲中车时代电气股份有限公司 2023 年度独立董事述职报告 浦炳荣 各位股东及股东代表： 作为株洲中车时代电气股份有限公司（以下简称"公司"）的独 立董事，2023 年度本人严格按照《中华人民共和国公司法》（下称"《公 司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上市公司 治理准则》等法律法规及上交所、联交所的各项规定及《株洲中车时 代电气股份有限公司章程》（以下简称"《公司章程》"）、《株洲中车时 代电气股份有限公司独立非执行董事工作制度》的规定，在工作中勤 勉、尽责地履行董事职责和义务，注重与董事会其他董事、监事会、 经理层成员的密切、有效沟通，及时、全面、深入地了解公司运营情 况和董事会决议执行情况，亲自出席董事会及各专门委员会会议，认 真审议各项议案，独立、客观、公正地发表意见，充分发挥独立董事 的作用，促进董事会及各专门委员会的规范运作和公司治理水平的不 断提高，有效维护公司全体股东尤其是中小股东的合法权益。 本人因任期届满于 2023 年 6 月 27 日公司召开 2022 年年度股东 大会、2023 年第一次 A 股类别股东大会及 2023 年第 ...

中国国际金融股份有限公司 关于株洲中车时代电气股份有限公司 2023 年度募集资金存放与实际使用情况的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为株洲中 车时代电气股份有限公司（以下简称"时代电气"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科创板股票上 市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关 法律法规和规范性文件的要求，对时代电气 2023 年度募集资金存放与实际使用情况进 行了专项核查，核查情况如下： 一、募集资金基本情况 （一）募集资金管理情况 （一）实际募集资金金额和资金到位时间 经中国证券监督管理委员会《关于同意株洲中车时代电气股份有限公司首次公开发 行股票注册的批复》（证监许可[2021]2112 号）核准，公司首次公开发行人民币普通股 （A 股）240,760,275 股，发行价格为 31.38 元/股，募集资金总额为 755,505.74 万元， 扣除不含增值税发行费用 11,184.5 ...

在此背景下，为规避和防范汇率风险，降低风险敞口，减少汇 率波动对公司外汇合同预期收付汇及手持外币资金产生的不利影 响，公司拟在遵守国家政策法规的前提下，不以投机为目的，严守 套期保值原则，开展外汇衍生品交易业务。公司开展的外汇衍生品 交易与日常经营需求紧密相关，是基于公司外币资产、负债状况以 及外汇收支业务情况进行，能够提高公司积极应对汇率风险、利率 风险的能力，增强公司财务稳健性。公司开展外汇衍生品交易业务 主要用于支付海外供应商的采购款项，并将合理安排资金使用，不 会影响公司主营业务的发展。 二、公司开展外汇衍生品交易业务的基本情况 （一）交易金额 公司拟开展的外汇衍生品交易业务额度为 25 亿人民币或等值其 他货币，额度使用期限自该事项获董事会审议通过之日起 12 个月内。 上述额度在期限内可循环滚动使用，但期限内任一时点的投资余额不 超过等值 25 亿人民币或其他等值货币。 株洲中车时代电气股份有限公司 关于开展外汇衍生品交易的可行性分析报告 一、公司开展外汇衍生品交易业务的背景 因株洲中车时代电气股份有限公司（以下合称"公司"）业务持 续发展，海外采购及外汇付汇规模也不断增长，外汇风险敞口不断扩 大 ...

株洲中车时代电气股份有限公司 独立非执行董事工作制度 第五条 公司董事会成员中应当至少包括三分之一（且至少3名）的独立非 执行董事。公司独立非执行董事中至少包括一名财务或会计专业人士，以财务或 会计专业人士身份被提名为独立非执行董事候选人的，应具备较丰富的会计或相 关的财务管理专业知识和经验，并至少符合下列条件之一： （一）具有香港及/或中国内地注册会计师执业资格； （二）具有会计、审计或者财务管理专业的高级职称、副教授职称或者博士 学位； （三）具有经济管理或内部监控方面高级职称，且在会计、审计或者财务管 理等专业岗位有5年以上全职工作经验。 公司独立非执行董事中至少有一名董事通常居住地为香港。 第一章 总 则 第一条 为完善株洲中车时代电气股份有限公司（以下简称"公司"）治理 结构，促进公司规范运作，维护公司和股东的利益，根据《中华人民共和国公司 法》、《上市公司独立董事管理办法》（以下简称"《独立董事管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《科创板上市规则》"）、 《香港联合交易所有限公司证券上市规则》（以下简称"《联交所上市规则》"） 等有关法律、法规、规范性文件的规定及《株 ...

To uphold the development concept of "investors first" as a listed company and safeguard the interests of all shareholders of Zhuzhou CRRC Times Electric Co., Ltd. (the "Company" or "Times Electric"), the controlling shareholders, directors, supervisors, and senior management of the Company, based on their confidence in the future prospects and value of the Company, will take measures to effectively "enhance quality, increase efficiency, and achieve returns" and establish a favorable market image for the Co ...